The Bahamas Central Bank Issues Digital Currency.

According to the Nassau Guardian, a local media, the Central Bank of the Caribbean island nation of Bahamas, which is made up of more than 700 islands and is known for its "Pirates of the Caribbean" series, has signed an official agreement with NZIA to issue a blockchain-based digital currency.

With the aim of establishing a complete digital payment system by 2020, the Bahamas Central Bank (CBOB) announced the introduction of a government-issued digital currency project in June 2018. In March of 2019, it designated NZIA and Singapore's blockchain developer Zynesis as preferred negotiating partners and technology partners to support the blockchain base's legal currency 'Sand Dollar' project.

The CBOB described the project as "an integrated, low-cost e-payment system for all businesses and residents. It is geared toward providing equal access to digital payments to residents of the island in accordance with local financial regulations and reducing the cost of fees that arise from cash transactions and service delivery.”

Bahamas are an island nation of more than 700 islands, and its effort in modernizing its financial system has brought many problems, including issues regarding archipelago. One of them is the increase in the number of people having difficulty accessing financial services despite the acceleration of bank branch closures on remote islands called Family Islands to cut costs.

Also, social factors such as not having a bank account or having documents that require identification to open an account contribute to already existing problems.

In addition, due to the high fees for electronic remittances in the Bahamas, delays are common in banks. As a result, the bank transaction is too slow and expensive when using cash and checks. Not to mention, physically moving cash each time from one island to another is very inefficient and costly. 

This is why the Bahamas Central Bank (CBOB) is pinning high hopes on blockchain-based digital currency issuance and e-payment services to deal with all these problems as soon as possible.

Reporter James Lee (news@dailycoinews.com)의 기사 더 보기

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